Japanese Candlesticks Analysis 13.01.2021 (EURUSD, USDJPY, EURGBP)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Engulfing, close to the support level, EURUSD may reverse in the form of another rising impulse. The upside target may be at 1.2310. After that, the pair may continue trading upwards. However, an alternative scenario implies that the price may start a new decline to return to 1.2145 before resuming the uptrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after testing the resistance level and forming several reversal patterns, such as Engulfing, USDJPY is reversing. The downside target is the support area close to 103.00. After breaking this level, the asset may continue trading downwards to reach the next support area at 102.25.

EURGBP, “Euro vs. Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, such as Hammer, not far from the support level, EURGBP may reverse and correct. In this case, the upside target may be at 0.8995. However, judging by previous movements, the pair may yet start another decline to reach 0.8870 without reversing and correcting.